Forex trading is the process of changing one currency into another currency, for various reasons ie. commerce, trading, or tourism. It’s a shorter form of the word for foreign exchange. Currencies are traded in the forex market hours are operating 24 hours a day, Monday to Friday, being a global marketplace Monday through Friday. According to a 2019 triennial report from the Bank for International Settlements, the daily trading volume for forex reached $6.6 trillion in April 2019.How does Forex Exchange work?All currencies are assigned a three-letter code much like a stock’s ticker symbol. While there are more than 170 currencies worldwide, the U.S. dollar is involved in a vast majority of forex trading, so it’s especially helpful to know its code: USD. Other major currencies, in order of popularity, are Euro having the code (EUR), the Singaporean Dollar (SGD) the Japanese yen (JPY), the British pound (GBP), the Australian dollar (AUD), the Canadian dollar (CAD), the Swiss franc (CHF), and the New Zealand dollar (NZD). All forex trading is expressed as a combination of the two currencies being exchanged. For example: EUR/USDUSD/SGDGBP/USDAUD/USDThree Ways to Trade ForexForex trading isn’t just for the purpose of exchanging currency for traveling or other personal reasons but it’s a marketplace for trading for those traders who attempt to buy currencies whose values they think will increase relative to other currencies or get rid of currencies whose purchasing power they anticipate will decrease.There are 3 ways of forex trading:Add Infographics hereThe forward and futures markets are primarily used by forex traders who want to speculate or hedge against future price changes in a currency. The forex rates in these markets are based on what’s happening in the spot market, which is the largest of the forex markets and is where a majority of forex trades are executed.Conclusion:Trading platforms like Blefrics, for forex and crypto, are in trend for the younger traders—especially those with limited funds—day trading or swing trading in small amounts is easier in the forex market than in other markets. For those with longer-term horizons and larger funds, long-term fundamentals-based trading or a carry trade can be profitable.
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